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Google (NASDAQ: GOOGL ) Executive Chairman Eric Schmidt is set to sell around 42% of his stock in the company, according to a Google filing with the Securities and Exchange Commission. The filing states that Schmidt, who served as the firm's CEO until 2011, will unload up to 3.2 million shares of class A common stock.
At the moment, he owns approximately 7.6 million A shares, or 2.3% of the company's outstanding stock, and 8.2% of voting rights. The share sales will be spread out over the course of a year in order to minimize the impact on the market.